Adobe Inc. (NASDAQ:ADBE) is Jacobs & Co. CA’s 6th Largest Position

Jacobs & Co. CA cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 34,298 shares of the software company’s stock after selling 476 shares during the quarter. Adobe accounts for approximately 2.3% of Jacobs & Co. CA’s holdings, making the stock its 6th largest position. Jacobs & Co. CA’s holdings in Adobe were worth $20,462,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Rockland Trust Co. lifted its position in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares in the last quarter. Team Hewins LLC acquired a new position in Adobe during the third quarter valued at approximately $4,141,000. Guinness Asset Management LTD lifted its position in Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in Adobe by 23.9% during the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after buying an additional 1,732 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its position in shares of Adobe by 36.7% during the third quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after purchasing an additional 1,871 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on ADBE. Piper Sandler Companies reduced their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. cut their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday. Mizuho reaffirmed a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday. Finally, UBS Group cut their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of ADBE opened at $504.40 on Thursday. The firm has a 50-day moving average price of $573.39 and a 200 day moving average price of $571.57. The firm has a market capitalization of $228.27 billion, a PE ratio of 48.22, a P/E/G ratio of 2.74 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the company earned $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.